Ropes & Gray Advised Domino's Pizza® in $1.32 Billion Refinancing Transaction

Ropes & Gray advised Domino’s Pizza, Inc. on its recent $1.32 billion whole-business securitization bond offering, which was backed by Domino’s franchise and supply chain revenue. As part of this transaction, Domino’s contributed its production activities into the securitization structure, streamlined certain intra-company cashflows, and modernized the terms governing its whole-business securitization framework.

The bond offering, which closed on September 5, 2025, comprised both term asset-backed securities (ABS) and variable funding notes. The transaction was announced in an SEC filing on Sept. 8.

Founded in 1960, Domino's Pizza ranks among the world's top public restaurant brands with a global enterprise of more than 21,500 stores in over 90 markets. Domino's had global retail sales of over $19.4 billion in the trailing four quarters ended June 15, 2025.

The Ropes & Gray team included finance partner Patricia Lynch, capital markets partner Craig Marcus, IP transactions partner Erica Han, asset management partner Anna Lawry, tax partner Adam Greenwood, finance counsel Matthieu Wharmby, tax counsel Sara Clevering and senior bankruptcy counsel Andrew Devore.